Apparently Seagate’s bottom line was augmented by strong demand for its cloud-based storage products.

Seagate has been focusing on cloud-based products as businesses cut spending on traditional storage systems.

Chief Executive Officer Steve Luczo said: "From a macro perspective, we remain cautiously optimistic about the current macroeconomic environment and IT spending trends," on a post-earnings conference call.

The company forecast third quarter revenue of about $2.7 billion, above estimates of $2.61 billion.

Seagate said it expects to achieve revenue growth this year. This is a bit of a turnaround from July where the outfit slashed 6,500 jobs, or 14 percent of its workforce, by the end of fiscal 2017, as part of a major restructuring.

The company's net income rose to $297 million in the second quarter ended December 30, from $165 million.

Its rival Western Digital will report its second-quarter results today.